thursday, april 12th 2018 d a i ly r e p o r t … · thursday, april 12th 2018 d a i ly r e p o r...

Thursday, April 12th 2018

D A I LY R E P O R T

Daily Report is also available in BNI Sekuritas website : www.bnisekuritas.co.id

RESEARCH Equity

MARKET PREDICTION TODAY

JCI Is Estimated to Move Up

On the global market, previously on Wednesday yesterday, most of US bourses declined which Dow index decreased by -0,9% to level 24,189 as well as S&P which fell by -0.55% followed by Nasdaq dropped by -0.39%. Meanwhile in European bourses, most of the indices moved in a downtrend which DAX Frankfurt dropped by -0.83% followed by CAC Paris declined by -0.56% and FTSE London decreased by -0.13%. Moreover, in domestic bourse, the JCI on Wednesday yesterday was closed up by 35 points (0.56%) to level 6,360 with “foreign net sell” of Rp120 billion. The biggest increases were from miscellaneous industry (+1.28%) then followed by basic industry (+1.13%) while the only decrease was from agriculture sector (-1.34%). At the closing time of JCI on Wednesday yesterday, Rupiah (IDR) weakened against US dollar (USD) to the level of IDR 13,759 per USD. Today, investors will take attention on Indonesia motorbike sales for Mar-18 (Feb-18 of -3.1% YoY) and bank loan growth YoY for Mar-18 (Feb-18 of 8.2%). According to the release of economic data, China Inflation Rate for Mar-18 reduced from 2.9% YoY (Feb-18) to 2.1% which was lower than consensus of 2.6%. UK’s Trade Balance for Mar-18 strengthened from £-2.949 billion to £-0.965 billion. We see that the strengthening JCI is estimated to be limited due to the stocks selling action of foreign investors which booked again a net sell. Therefore, the JCI today is predicted to continue its uptrend in the range of 6,346-6,377 which our top stocks pick for today trading sessions are PTBA, ANTM, LSIP, and AALI.

Analyst: Dessy Lapagu ([email protected])

COMPANY/INDUSTRY UPDATE

CPO sector is hit by negative issues. NEUTRAL. Analyst: Thennesia Debora.

PT Bukit Asam Tbk (PTBA)’s AGMS Results. BUY. Analyst: Dessy Lapagu.

Global Indices Closing Change %Chg %Ytd P/EAmericasINDU Index 24,189.45 -218.55 -0.90 (2.14) 19.54SPX Index 2,642.19 -14.68 -0.55 (1.18) 21.31CCMP Index 7,069.03 -25.274 -0.36 2.40 26.83IBOV Index 85,245.59 735.23 0.87 11.57 21.46EMEAUKX Index 7,257.14 -9.61 -0.13 (5.60) 13.38CAC Index 5,277.94 -29.62 -0.56 (0.65) 16.39RTSSTD Index 14,503.07 162.79 1.14 6.08 7.28IBEX Index 9,735.80 -27.7 -0.28 (3.07) 14.25FTSEMIB Index 23,012.86 -160.82 -0.69 5.31 3.88AEX Index 544.50 -0.75 -0.14 (0.01) 15.71SMI Index 8,708.44 -47.13 -0.54 (7.18) 29.02Asia / PacificNKY Index 21,603.24 -83.86 -0.39 (5.10) 15.90HSI Index 30,897.71 168.97 0.55 3.27 12.97SHCOMP Index 3,208.08 17.76 0.56 (3.00) 16.14TWSE Index 10,974.02 46.84 0.43 3.11 15.53KOSPI Index 2,454.74 10.52 0.43 (0.52) 14.78JCI Index 6,360.93 35.114 0.56 0.08 22.43SET Index 1,763.22 2.27 0.13 0.54 17.71PCOMP Index 7,943.93 9.25 0.12 (7.18) 21.46SENSEX Index 33,940.44 60.19 0.18 (0.34) 23.16FSSTI Index 3,479.76 13.38 0.39 2.26 11.36

Description Last Previous %ChgMarket Capitalization (IDR Trillion) 7,080.47 7,041.27 0.56Transaction Volume (Million Shares) 7,313.00 6,432.41 13.69Transaction Value (IDR Million) 6,195.00 6,257.42 -1.00Stocks Value (IDR) 847.12 972.79 -12.92Net Foreign (IDR Million) (120,814.25) 10,103.75 -1,295.74

Commodities Last Previous %ChgNickel (US$/Ton) 13,865.00 13,695.00 1.24Copper (US$/Ton) 6,950.00 6,945.00 0.07Tins (US$/Ton) 21,000.00 20,875.00 0.60Oil (US$/BBL) (*) 66.82 65.51 2.00Gas (US$/MMBTU) 2.88 3.57 -19.33Coal (US$/Ton) (**) 93.65 93.50 0.16Gold (USD/OZ) n.a n.a n.aCPO PALMROTT(USD/ton) n.a n.a n.aCPO MALAYSIA(RM/ton) 2,447.50 2,454.00 -0.26(*) WTI Cushing(**) McCloskey Newscatle

ADR Stocks Last (US$) % Conversition Last (IDR)(US$) Chg (IDR)

Telkom TLK US 27.90 0.47 9,271.61 3870.00

Recommendation TP (IDR)CPO Sector NEUTRAL -PT Bukit Asam Tbk (PTBA) BUY 3,970

Company/Industry Updates

Bloomberg Code



2

RESEARCH Equity

HIGHLIGHT NEWS

The annual general meeting of shareholders of PT Jasa Marga (Persero) Tbk (JSMR), approved to distribute dividends to its shareholders of Rp440 billion or 20% of the company's net profit of Rp2.20 trillion in 2017.

PT Capital Finance Indonesia Tbk (CASA) achieved a net profit which could be distributed to the parent entity of Rp82.28 billion, or rose from a net profit of Rp33.78 billion in the same period of previous year.

PT Magna Finance Tbk (MGNA) reached revenues of Rp198.69 billion as of 31 December 2017, or increased from revenues of Rp84.69 billion in 2016.

In annual general meeting of shareholders, PT Bukit Asam Tbk (PTBA) approved to distribute dividends of 75% from its total net profit of Rp4.47 trillion in 2017.

The operating revenue of PT Eka Sari Lorena Tbk (LRNA) reached Rp106.61 billion as of 31 December 2017, or was down from the operating revenue of Rp126.77 billion in the same period of previous year.

PT Astra Agro Lestari Tbk (AALI) plans to distribute cash dividends of Rp470 per share to its shareholders.

(Source: IQ Plus)

Net Foreign BUY/-SELL Accumulation

USD/IDR Currency and JCI

5,400

5,600

5,800

6,000

6,200

6,400

6,600

6,800

-70,000,000

-60,000,000

-50,000,000

-40,000,000

-30,000,000

-20,000,000

-10,000,000

0

1/11

/201

77/

11/2

017

13/1

1/20

1717

/11/

2017

23/1

1/20

1729

/11/

2017

6/12

/201

712

/12/

2017

18/1

2/20

1722

/12/

2017

2/01

/201

88/

01/2

018

12/0

1/20

1818

/01/

2018

24/0

1/20

1830

/01/

2018

5/02

/201

89/

02/2

018

15/0

2/20

1822

/02/

2018

28/0

2/20

186/

03/2

018

12/0

3/20

1816

/03/

2018

22/0

3/20

1828

/03/

2018

4/04

/201

810

/04/

2018

Accumulation JCI Index

13,000

13,100

13,200

13,300

13,400

13,500

13,600

13,700

13,800

13,900

5,800

5,900

6,000

6,100

6,200

6,300

6,400

6,500

6,600

6,700

6,800

JCI Index USDIDR

No Stock Top Value (IDR)1 PTBA IJ 419,583,300,000 2 BBRI IJ 320,201,200,000 3 ASII IJ 275,675,000,000 4 BMRI IJ 234,874,800,000 5 ADRO IJ 231,106,900,000

No Stock Top Volume (Shares)1 RIMO IJ 439,676,200.00 2 BUMI IJ 389,517,700.00 3 IIKP IJ 334,637,800.00 4 TRAM IJ 315,379,700.00 5 DEWA IJ 258,217,900.00

No Top Gainers % Change1 SRSN IJ 34.552 TRIL IJ 33.663 INPS IJ 254 GHON IJ 22.375 TIFA IJ 21.83

No Top Losers % Change1 MSKY IJ -15.152 TALF IJ -12.563 HELI IJ -12.384 JSPT IJ -12.085 MPOW IJ -9.01

No Leading Movers % Change1 BBRI IJ 1.962 BMRI IJ 2.223 ASII IJ 1.604 INTP IJ 5.035 SCMA IJ 7.63

No Lagging Movers % Change1 BBNI IJ -1.722 ITMG IJ -3.693 UNVR IJ -0.194 WSKT IJ -1.575 PGAS IJ -0.84



3

RESEARCH Equity

COMPANY/INDUSTRY UPDATE

News: CPO sector is hit by negative issues

Iceland, a British supermarket, said it will be stop in using palm oil as a raw material for its production of about 130 products by the end of this year. Currently, Iceland has released 100 new products without palm oil.

Analyst Opinion:

We assess that CPO price will be depressed in some time ahead as the incessant of negative campaign about CPO. Although the EU has abolished the imposition of anti-dumping import duties on Indonesian biodiesel products, the pressure from negative campaigns on CPO products in the EU is still weighing on CPO demand. In January 2018, Indonesia's CPO exports to the EU fell by 8% MoM to 404,220 tons. On the other hand, India is raising its CPO import tax which may also impact negatively to CPO demand. In January 2018, Indonesia's CPO exports to India slightly increased by 1% MoM to 598,350 tons. We expect that the movement of CPO price this year is potentially to depress due to the negative sentiment from global market. The negative campaigns on CPO products are expected to limit CPO demand amidst the recovery of CPO production after easing El Nino effects. Therefore we still maintain our neutral outlook towards CPO sector this year. Nevertheless, in near term, we expect CPO price will strengthen ahead due to Idul Fitri momentum. Recommendation: NEUTRAL.

Analyst: Thennesia Debora ([email protected])

News: PT Bukit Asam Tbk (PTBA)’s AGMS Results

Analyst Opinion:

The company will distribute dividends of Rp3.36 trillion (75% P/O ratio vs. 2016 30%; 2015 30%; 2014 35%). Based on the stock closing price on 11th April 2018 of Rp3,420, dividend yield was calculated at approximately 9.31% with dividend per share of Rp319. Furthermore, PTBA had signed an agreement for its downstream business with PT Pertamina, PT Pupuk Indonesia (Persero) and PT Chandra Asri Petrocheminal Tbk (TPIA) for gasification distribution to those companies. We see that the company has already secured PLN power plant project as well as new mines acquisition plan which will likely boost PTBA’s growth performance in the long term. Currently, PTBA stock is traded with PE of 8.8x and PBV of 2.9x. Meanwhile, the stock price has been appreciated by 39.02% as of YTD. Recommendation: BUY with a target price (TP) of Rp3,970 per share. The TP has an upside potential of 16.08% from its closing price of Rp3,420 on April 11th, 2018.

Analyst: Dessy Lapagu ([email protected])



4

RESEARCH Equity

TARGET PRICE



5

RESEARCH Equity

TARGET PRICE



6

RESEARCH Equity

RESEARCH TEAM Phone : +62 21 25543946 (Hunting) Fax : +62 21 57935831 Email : [email protected] Website : www.bnisekuritas.co.id

Norico Gaman (Head of Research Division) [email protected] Ext: 3934 Investment Strategy

Maxi Liesyaputra (Head of Equity Research Department) [email protected] Ext: 3968 Construction, Property, Infrastructure, Cement

Ariawan (Head of Fixed Income Research Department) [email protected] Ext: 2098 Fixed Income Market, Corporate & Government Bond

Andri Zakarias Siregar (Head of Technical Analysis Research Department) [email protected] Ext: 2054 Market Strategy, Currency, Commodities, Bond & Stocks

Thennesia Debora (Equity Analyst) [email protected] Ext: 2123 Transportation, Automotive, Heavy Equipment, Plantation, Health Care

Ankga Adiwirasta (Equity Analyst) [email protected] Ext: 3986 Consumer Good, Banking, Metal Mining, Telecommunication, Tower Infrastructure

Dessy Lapagu (Equity Analyst) [email protected] Ext: 2051 Poultry, Crops, Fishery, Retail, Coal Mining, Pharmaceutical

Ahmad Hapiz (Fixed Income Analyst) [email protected] Ext: 3978 Fixed Income Market, Corporate & Government Bond

R. Venia Allani Meissalina (Research Analyst/Assistant) [email protected] Ext: 2050 Data Administrator

Indah Lestari Permata H. (Research Analyst/Assistant) [email protected] Ext: 2073 Data Administrator



7

RESEARCH Equity

EQUITY TEAM CM : +62 21 25543946 (Hunting) Fax No : +62 21 57935831 Entis Sutisman ext. 3945 [email protected] Head of Domestic Equity Department

Teguh Hendro ext. 3948 [email protected] Institutional Sales Trader

Dharmawan P. ext. 3916 [email protected] Institutional Sales Trader

Putri Erinasari ext. 3920 [email protected] Institutional Sales Trader

Fian Pusparini ext. 3958 [email protected] Head of Domestic Equity Sales

Dini Desita ext. 3981 [email protected] Domestic Equity Sales

Danovan Yazir ext. 3929 [email protected] Domestic Equity Sales

Jufrani Amsal ext. 3957 [email protected] Head of Channel Distribution Division

Fahma Riniarti ext. 3917 [email protected] Head of Channel Development

P. Sariningsih ext. 3984 [email protected] Head of Branch Supervision

Teuku Hafez ext. 2084 [email protected] Branch Manager Mangga Dua, Jakarta

Hapsari ext. 2078 [email protected] Branch Manager Puri Indah, Jakarta

Fadjar H S ext. 2111 [email protected] Branch Manager Central Park, Jakarta

M. Yasrul ext. 2081 [email protected] Branch Manager Wisma Bumiputera

Fahmi Lubis ext. 2079 [email protected] Branch Manager Bandung

Rifaat Annur ext. 2091 [email protected] Branch Manager Yogyakarta

Agus Purwanto ext. 2090 [email protected] Branch Manager Solo

Achmad Ridwan ext. 2088 [email protected] Branch Manager Surabaya

Edith Febriana ext. 2082 [email protected] Branch Manager Malang

Ni Nyoman Citasti ext.2080 [email protected] Branch Manager Denpasar

Nirmasari N. ext. 2083 [email protected] Branch Manager Medan

Ari Magdalena ext. 2086 [email protected] Branch Manager Palembang

Rini Wati ext. 2085 [email protected] Branch Manager Pekanbaru

Allen Makalew ext. 2102 [email protected] Branch Manager Manado

Melisa ext. 2136 [email protected] Branch Manager Aceh

Yuniar Fariza D ext. 2064 [email protected] Branch Manager Banjarmasin

RESEARCH Equity

MAIN OFFICE - JAKARTA PT BNI SEKURITAS

Sudirman Plaza, Indofood Tower 16th Floor, Jl. Jend. Sudirman Kav. 76-78 Jakarta 12910, Indonesia

Phone: (62-21) 25543946 (Hunting) Fax: (62-21) 57935831

e-mail: [email protected] (General) Website: http://www.bnisekuritas.co.id

JAKARTA - Mangga Dua

Pertokoan Mangga Dua Blok E4 No. 7 Jl. Mangga Dua Raya, Jakarta Utara

Phone: (62-21) 6123804-5,62203890 Fax: (62-21) 6123806

e-mail: [email protected]

JAKARTA - Puri Indah Gedung Bank BNI Ruko Grand Puri Niaga

Puri Kencana Blok K 6 no.2J 2K Puri Kembangan, Jakarta Barat

Phone: (62-21) 58357464 Fax: (62-21) 58357465


JAKARTA - Central Park Central Park, APL Tower Podomoro City

Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Petamburan Phone: (62-21) 29034215

Fax: (62-21) 29034216 email: [email protected]

JAKARTA – Wisma Bumiputera

Wisma Bumiputera Lt. 6 Jl. Jend. Sudirman Kav. 75 Jakarta 12910

Phone: (62-21) 2523349 Fax: (62-21) 2523350


BANDUNG Jl. Perintis Kemerdekaan 3

Bandung - 40117 Phone: (62-22) 4213375

Fax: (62-22) 4220604 e-mail: [email protected]

YOGYAKARTA

Jl. Laksda Adisucipto 137, Yogyakarta - 55282 Phone: (62-274) 581001-584032


SOLO

Jl. Honggo Wongso No. 24, Surakarta Phone: (62-271) 729667, 730525


SURABAYA

Jl. Gubernur Suryo No. 36, Surabaya Phone: (62-31) 5320912


MALANG Jl. Buring No. 58, Malang

Phone: (62-341) 321214,321213,321430 Fax: (62-341) 356876


DENPASAR Komplek Pertokoan Diponegoro Megah Blok A5-6 Lantai 2

Jl. Diponegoro No. 100, Denpasar - Bali Phone: (62-361) 264376, 2753389


MEDAN

Jl. Pemuda No. 12, Medan - 20151 Phone: (62-61) 4579616


PALEMBANG

Jl. Jend. Sudirman 132, Palembang - 30126 Phone: (62-711) 361969


PEKANBARU

Jl. Riau, No. 124, Bank BNI Lt. 2, Pekanbaru Phone: (62-761) 46757, 839698


MANADO

BNI KLN Megamas, Lt. 3, Kawasan Mega Mas Blok I C1 Jl. Piere Tendean, No. 20, Manado

Phone: (62-431) 847256 Fax: (62-24) 847256


ACEH Kantor Cabang BNI Banda Aceh Lt.2

Jl. KH. Ahmad Dahlan No. 111, Banda Aceh Phone: (62-651) 31109

Fax: (62-651) 31107

BANJARMASIN Gd. Bank BNI Antasari Lt. 2

Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin Phone: (62-511) 3253735


This document is not intended to be an offer, or a satisfaction of an offer, to buy or sell relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrants or rights to or interest in any such securities). The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No representation or warranty, expressed or implied, is made by BNI SEKURITAS or any other member of the BNI Group, including any other member of the BNI Group from whom this document may be received, as to the accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment as of this date and are subject to change without notice. Dokumen ini tidak diperuntukan sebagai suatu penawaran, atau permohonan dari suatu penawaran, permintaan untuk membeli atau menjual efek dan segala hal yang berhubungan dengan efek (seperti efek yang disebutkan disini, atau dari emiten yang sama, dari waran atau hak memesan efek atau kepentingan lain dari efek tersebut). Seluruh informasi dan opini yang terdapat dalam dokumen ini dengan cara baik telah dihimpun dari atau berasal dari sumber-sumber yang dapat dipercaya dan diandalkan. Tidak ada pengatasnamaan atau jaminan, baik secara langsung maupun tidak langsung dari BNI SEKURITAS atau pun pihak-pihak lain dari Grup BNI, termasuk pihak-pihak lain dari Grup BNI dari mana dokumen ini dapat diperoleh, terhadap keakuratan atau kelengkapan dari informasi yang terdapat dalam dokumen ini. Seluruh pendapat dan perkiraan dalam laporan ini merupakan pertimbangan kami pada tanggal tertera dan dapat berubah sewaktu-waktu tanpa pemberitahuan.

thursday, april 12th 2018 d a i ly r e p o r t … · thursday, april 12th 2018 d a i ly r e p o r...

Documents